Lithium-Iron Phosphate Batteries Market Size, Regional Trends and Opportunities, Revenue Analysis, For 2030
Lithium-Iron Phosphate Batteries Market
Analysis
Lithium Iron
Phosphate Batteries Market to grow at 4.97% CAGR during the forecast period
2022-2030, due to high demand of Lithium Iron Phosphate Batteries in electric
and hybrid electric vehicles.
Our Market Overview and Regional Analysis provide an
understanding of the industries, companies and products within the market. Our
Trends section provides an analysis of how the market is currently performing
and looks set to perform in the future. Our Growth Forecast section gives you
an idea about how our Market Analysis works, by giving us further details on
how we can build our Market Forecast model for a particular domain within this
report. Lastly, in our Metrics section we outline important data points
relating to each of these sections as well as our current forecasted price
range.
A lithium-iron phosphate battery, simply put, is a
rechargeable battery which uses LiFePO4 as its cathode. This battery can charge
and discharge at a higher rate in comparison to other forms of batteries. Also
known as lithium ferrophosphate batteries, they have wide applications in small
medical equipment, electronic devices, power tools, portable instruments, and
electric cars.
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Market Segmentation
The MRFR report throws light on an inclusive
segmental analysis of the global lithium-iron phosphate batteries market based
on application, voltage, industry, and power capacity.
·
By power capacity, the global lithium-iron phosphate
batteries market is segmented into 100,001-540,000 mAh, 50,001- 100,000 mAh,
16,251-50,000 mAh, and up to 16,250 mAh. Of these, the 16,251-50,000 mAh
segment will lead the market over the forecast period for the wide applications
in different sectors like power generation, industrial, and automotive.
·
By industry, the global lithium-iron phosphate
batteries market is segmented into industrial, power, automotive, and others.
Of these, the automotive segment will dominate the market over the forecast
period for the growing demand of such batteries in automated guided vehicles,
e-bikes, plug-in electric vehicles, and hybrid electric vehicles.
·
By voltage, the global lithium-iron phosphate
batteries market is segmented into above 20kv, 12-20kv, 3.2-12kv, and up to
3.2kv. Of these, the 12-20kv segment will spearhead the market over the
forecast period for the rising implementation as energy storage for renewable
energy sources, marine, communication base energy storage stations, and
others.
·
By application, the global lithium-iron phosphate
batteries market is segmented into stationary, portable, and others. Of these,
the portable segment will have the lions share in the market over the forecast
period for the rising adoption of portable lithium-iron phosphate batteries in
the global market.
Regional Analysis
By region, the global lithium-iron phosphate
batteries market covers the recent trends and growth opportunity across Europe,
the Asia Pacific (APAC), North America, South America, and the Middle East and
Africa (MEA).
·
The APAC region will dominate the market over the
forecast period. Increasing focus on the adoption of electric cars in China and
India, increasing demand for such batteries, and increasing need for Chinese
electrical equipment globally are adding to the global lithium-iron phosphate
batteries market growth in the region.
·
In North America, the lithium-iron phosphate
batteries market is predicted to have healthy growth over the forecast period.
The US holds the utmost market share for the growing demand for electric
cars.
·
In Europe, the lithium-iron phosphate batteries
market is predicted to have promising growth over the forecast period for the
increasing demand for such batteries in the power generation sector and increasing
focus to adopt electric cars. The UK and Norway will hold the utmost share in
the market.
·
In the MEA, the lithium-iron phosphate batteries
market is predicted to have notable growth over the forecast period for the
need for energy storage for the growing adoption of electric vehicles. Saudi
Arabia and the UAE will hold the utmost market share.
·
In South America, the lithium-iron phosphate
batteries market is predicted to grow at a fast pace over the forecast period
for the growing use of renewable energy for energy generation. Brazil will hold
the utmost share in the market.
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Key Players
The notable players profiled in the lithium-iron
phosphate batteries market report include Greensun Solar Energy Tech Co.,
Limited (China), BYD (China), Victron Energy (The Netherlands), K2 Energy (US),
Electric Vehicle Power System Technology Co., Ltd. (China), A123 Systems (US),
Contemporary Amperex Technology (China), RELiON Batteries (US), Power Sonic
Corporation (US), Bharat Power Solution (India), Shenzhen Bak Technology
(China), and Lithium Werks (Netherlands), among others.
Industry Updates
March 2021- Tesla is building a huge 100 MW battery
secretly in Texas. The installation will utilize lithium-iron phosphate
batteries which are likely to last to 10-20 years.
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